A New Jersey Senate panel is backing legislation to require all state residents to buy health insurance or pay a penalty in a bid to protect the health insurance marketplace created by the Affordable Care Act, also known as Obamacare.
The move comes 10 months before the mandate is scheduled to be scrapped by the Trump Administration, NJ.com reports.
"The federal tax law recently adopted by President Trump included the repeal of the individual mandate," said bill sponsor Sen. Troy Singleton, a Democrat. "The magnitude of the consequences of that decision will usher in an era of higher health insurance costs for everyone and lower health coverage rates."
Last month, The Hill reported that Republican lawmakers may look at stabilizing the Obamacare markets this year rather than repealing the national healthcare law after attempts to do so last year failed.
The Hill said that the practice of re-insurance may be used, which would involve the government giving health insurance companies the funds to help cover some patients' high medical bills. In theory, doing so would help lower monthly premiums for Americans who have nationalized healthcare.
© 2021 Newsmax. All rights reserved.